Period costs for a manufacturing company, such as selling and administrative expenses, are recorded directly to Work in Process Inventory when they are incurred True or False True False A company that uses a cost accounting system normally has only two inventory accounts: Finished Goods Inventory and Work in Process Inventory True or False True False The cost of all direct materials issued to production is debited to Work in Process Inventory True or False True False Cost accounting systems accumulate production costs and then assign them to products and services. True or False True False Overapplied overhead is the amount by which actual overhead cost exceeds the overhead applied to products during the period. True or False True False The predetermined overhead rate is used to apply estimated overhead cost to jobs. True or False True False The Work in Process Inventory account for DG Manufacturing follows. Compute the cost of jobs completed and transferred to Finished Goods Inventory Beginning WIP Direct materials Direct labor Applied overhead To finished goods Ending WIP Work in Process Inventory 4,580 47,100 29,600 15,800 8,900 The cost of jobs transferred to finished goods is: Multiple Choice 597000 Multiple Choice O $97,000. $92,500 $88,100 $105.900 $95.200 At the current year-end, Rulz Company found that its overhead was underapplied by $2,500, and this amount was not considered material Based on this information, Ruiz should Multiple Choice do nothing about the $2,500, tince it is not material, and it as likely that overhead vill be overapplied by the same amount next year dose the $2,500 to Cost of Goods Sold O carry the $2.500 to the next period Multiple Choice do nothing about the $2,500, since it is not material, and it is likely that overhead will be overapplied by the same amount next year close the $2,500 to Cost of Goods Sold. carry the $2,500 to the next period carry the $2,500 to the income statement as "Other Expense" close the $2,500 to Finished Goods Inventory Andrew Industries purchased $165.000 of raw materials on account during the month of March. The beginning Raw Materials Inventory balance was $22,000, and the materials used to complete jobs during the month were $141,000 of direct materials and $13,000 of indirect materials. What is the ending Raw Materials inventory balance for March? Multiple Choice $46,000 $33,000 $11,000 $46,000 $33.000 $11,000 $9.000 $24,000 An example of direct labor cost is: Multiple Choice Accountant salary Janitor wages O Supervisor salary Maintenance worker wages Accountant salary O Janitor wages O Supervisor salary Maintenance worker wages Product assembler wages